Manhattan’s largest office landlord, SL Green Realty, has agreed to acquire two new properties in a $160 million deal. The transaction for 346 Madison Ave. and the adjacent 11 E. 44th St. is expected to close during the fourth quarter of 2025. The seller was advised by JLL’s Drew Isaacson and David Giancola.
The commercial building at 346 Madison Ave. is 11 stories tall and spans about 140,000 square feet, while the one at 11 E. 44th St. is 18 stories and roughly 111,000 square feet. SL Green noted that the combined properties had the potential for a new project of approximately 800,000 square feet as a direct result of the recent Midtown East rezoning.
“These assets are in an exceptional location just steps from One Vanderbilt,” said Harrison Sitomer, chief investment officer at SL Green. “As we continue to prioritize well-located opportunities in our core sub-markets, these properties provide us the opportunity to pursue a world-class, ground-up new office development in the heart of the strongest office market in the country. We look forward to capitalizing on this unique investment to unlock its long-term value.”
The building at 346 Madison Ave. is an iconic site, having been the flagship store for Brooks Brothers since 1915. While the company went bankrupt in 2020, its former owner, Italian billionaire Claudio Del Vecchio, still owns the property after purchasing it for $109 million in 2019. The site was first put on the market in 2021 with new renderings showing a proposed tower dubbed 44+Madison.
The Brooks Brothers deal would mark SL Green’s first major construction project since it completed a 1.4-million-square-foot expansion at the Metropolitan Life Building at One Madison Ave. in 2023. That project, which added more than 500,000 square feet of new office space, secured major leases from Franklin Templeton (350,000 square feet) and IBM (330,000 square feet).
The acquisition of 346 Madison Ave. is the latest high-profile Manhattan office space addition to SL Green’s portfolio, which also includes buildings such as 1 Madison Ave. and 100 Church St. This comes as the company continues to pursue other major ventures, including its effort to build a casino in Times Square.
